Tax Issues Associated with the Purchase and Sale of a Residence (TPSR)

Michael J. Tucker, JD, CPA , Robert C. Lickwar, CPA, Edward A. Renn, Esq.
  • 3
  • Basic
  • Taxes
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Individual course: $99
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Overview

The Internal Revenue Code allows taxpayers to exclude gain when they sell their main home. To qualify for the maximum $250,000 exclusion of gain ($500,000 if married filing jointly), taxpayers must meet the eligibility test. They can also qualify for a partial exclusion if they meet certain requirements. This program is a comprehensive survey of the various tax issues associated with the sale of a residence.

Panelists are subject to change.

Major Topics:

  • Does a home qualify for the exclusion of gain under the eligibility test of §121?
  • Exceptions to the eligibility test
  • Qualifying for a partial exclusion of gain
  • What is a main home?
  • How a taxpayer meets the residence requirement
  • Meeting the look-back requirement
  • Separated, divorced, and widowed taxpayers
  • Unforeseeable events
  • Inherited homes and homes received in a divorce
  • Business or rental use of home

Learning Objectives

  • Fully understand the issues associated with the disposition of a personal residence

Any tax professional who will be advising clients regarding the sale or other disposition of a residence

None

None

Yes

Yes

Varies by state. Check back soon for details